You are entitled to your opinion. But you are not entitled to your own facts.
– Senator Daniel Patrick Moynihan
Say what you want about the state of the Boise Real Estate Market–but, the numbers don’t lie. Key price ranges have been steadily losing supply and that’s good news for the fragile recovery of our local markets. The fewer homes available for sale limits choices and helps balance the market.
Boise Real Estate Inventory on the Decrease
In November, Intermountain MLS reports that the two most active price ranges ($120k-$160k and $160k-$200k) are seeing the affordability opportunities disappear. This doesn’t mean that housing is getting less affordable, what it means to you is that you’ll simply have less to choose from and in some cases might be competing for the good Boise Real Estate.
YTD, the $120k-$160k price range has seen a 45% decrease in inventory–currently standing at 709 units down from 1079 at the beginning of the year.
In addition, the $160k-$200k price range has seen the same 45% decrease in inventory from 706 units down to 452.
The important thing to remember is that while markets are local, there are also local factors that can further affect the stability of a market; jobs, interest rates, foreclosures etc.
What this means if you’re buying a home in Boise
Simply put, if this trend continues, you’ll have less to choose from. On one hand, this may make searching for homes easier, it will also make the playing field more competitive–a good priced home in the right condition could attract many lookers.
If you’re in the market to buy real estate, now’s the time to get educated by someone who understands the local numbers and opportunities. Now more than ever consumers have access to real time listing information and market news, but also, now more than ever, consumers are more confused about what that news actually means.
What this means if you have a home for sale in Boise
If you’re selling or thinking of selling within this price range, it’s good new especially for you. If you’re home has the 5 Rights, you’re likely to garner a higher asking price to sales price ratio and will probably be on the market for less time overall. Don’t get greedy though, we aren’t out of the woods yet–be competitive and go get a great deal on a discounted upgrade home. By the way, you can start that search here.
If you’d like the entire copy of the November MLS charts and graphs, you can download them here.
Bottom line–decrease in inventory good–increase in inventory bad.